East Florida to see a burst in commercial real estate

East Florida to see a burst in commercial real estate

In the central and eastern part of Florida, the real estate market is expected to heat up in 2015. People will likely see a huge growth in commercial real estate development, leading to extra office space and restaurants. In addition, more  medical facilities, retailers and boutique condominiums are expected to sprout up, specifically in the area of Brevard County.

Part of the reason for this real estate activity burst is relatively low interest rates, which may come to an end in the near future. Construction costs have also continued to stay competitive. Furthermore, lenders appear to be more open to financing projects now than they did in the years following the start of the Great Recession of 2008.

Construction companies, along with area developers, anticipate that 2015 will be more productive than past years, with both small and large businesses investing in the economy. Some of the biggest commercial projects worth watching this year include a new Homewood Suites, which is part of Hilton's hotel chain. Other projects include an oceanfront luxury condominium south of the Cocoa Beach area.

With so many commercial real estate projects taking place and the environment appearing to remain ripe for future projects, more developers may be interested in targeting this area. However, such real estate transactions can be complex and thus tricky, involving negotiations with municipality officials and matters such as land use regulation and real estate taxation. An applied knowledge of real estate law may boost an individual's chances of successfully completing a deal in Florida.

Source: floridatoday.com, "Hotel, restaurants, new retailers, part of Brevard growth in 2015", Wayne T. Price, Jan. 3, 2015